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The FCA marches down the road to competition concurrency

16 July 2014

The Financial Conduct Authority (FCA) is currently preparing for the award of concurrent competition enforcement powers on 1 April 2015. From that date, both the FCA and the new Payment Services Regulator will be able to, among other things, investigate and prosecute anti-competition agreements and contracts.

Two recent developments have shown that the FCA intends to make full use of its powers from day one: a market study that has been launched into the wholesale banking sector (including elements outside the FCA’s current scope) and a memorandum of understanding between the FCA and the UK’s main competition regulator, the Competition and Markets Authority (CMA), that sets out how the two will work together to prepare for concurrency. Both developments strongly suggest that the FCA intends to use its competition powers not just against regulated firms, but also on those firms in the financial sector that have previously been out of its reach…

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